Abstract
This paper proposes to adopt data envelopment analysis (DEA) based on Malmquist total factor productivity (TFP) indices methods to evaluate the effect of mergers and acquisitions (M&As) on acquirers in short-term and long-term windows. Based on analysis of 32 M&A deals conducted by Chinese real estate firms from 2000-2011, the study results demonstrate that the effect of M&A on developers' performance is positive. Through M&A, the developers' Malmquist TFP experienced a steady growth; their technology had noticeable progress immediately after acquisition; and their technical efficiency suffered a slight decrease in the short-term after acquisition, but then achieved a marked increase in the long-term with realization of integration and synergy. However, there is no evidence that the real estate firms have achieved scale efficiency improvement after M&A in either short-term or long-term.
| Original language | English |
|---|---|
| Title of host publication | ICCREM 2013: Construction and Operation in the Context of Sustainability |
| Editors | Yaowu Wang, Kunibert Lennarts, Geoffrey Q. P. Shen, Yong Bai, Xiaolong Xue, Chengshuang Sun, Zhili Gao, Yudi Wu, Weirui Xue |
| Publisher | American Society of Civil Engineers (ASCE) |
| Pages | 797-805 |
| Number of pages | 9 |
| ISBN (Print) | 9780784413135 |
| DOIs | |
| Publication status | Published - 2013 |
| Externally published | Yes |
| Event | 2013 International Conference on Construction and Real Estate Management: Construction and Operation in the Context of Sustainability, ICCREM 2013 - Karlsruhe, Germany Duration: 10 Oct 2013 → 11 Oct 2013 |
Conference
| Conference | 2013 International Conference on Construction and Real Estate Management: Construction and Operation in the Context of Sustainability, ICCREM 2013 |
|---|---|
| Country/Territory | Germany |
| City | Karlsruhe |
| Period | 10/10/13 → 11/10/13 |